Mashreq Bank Personal Loan

Mashreq bank offers various kinds of personal loans to its customers under the personal banking umbrella. These loans offer a variety of features depending upon the customer’s requirement of finance. Segregation of personal loans into different categories had enabled customers to specifically identify their need and avail a loan that suits them the best.

You’re probably eligible for Mashreq Bank Personal Loan if you are

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At least 21 years old

Less than 65 Years old

Salaried / Self – Employed with regular income

Earn more than the minimum income required

Your Mashreq Bank Personal Loan amount eligibility is based on these factors

Documentation needed to apply for Mashreq Bank Personal Loan

2. Salary Transfer Letter from Employer to Mashreq as per Mashreq Format

3. Security Cheque with the requested loan amount

4. Personal Loan application form – “will be provided by Mashreq”

5. Passport Copy

6. Valid Emirates ID

Mashreq Bank Personal Loan Interest RatesUpdated on 09 Dec 2016

Mashreq Bank Personal Loan Details

Interest Rate (Monthly reducing balance)

AED MPR 6.25%

Processing Fees

1.00% of the loan amount

Loan Tenure

4 Years

Types of personal loans from Mashreq Bank

You can choose to avail from an array of personal loan schemes offered by Mashreq Bank. Based on your nationality and your relationship with Mashreq Bank, different personal loans can be availed to fulfil different financial needs. Following is a broad description of the various types of personal finance schemes offered by Mashreq Bank.

Personal Loan for Expats

Personal loan for expats from Mashreq Bank is a personal finance scheme which the bank offers to expats staying in the UAE. Expats can avail this loan for a variety of reasons like buying a new car or house renovation or even funding education of your child. With this personal loan you get to enjoy a quick and hassle-free application process as well as comfortable repayment options.

Personal Loan for Emiratis

This personal loan scheme is targeted towards UAE nationals to help them realize their dream without worrying about money. Personal loan for Emiratis offers great loan amounts at attractive rates of interest and flexible payment periods.

New to UAE Personal Loan

New to UAE personal loans are aimed at providing financial support to those customers who have just landed in the UAE and want funds to settle down in the country.

Emirati Personal Loan for Pensioners

This personal loan scheme from Mashreq Bank is a unique scheme offered only to pensioners so as to help them realize their dreams without worrying about regular income. The Emirati personal loan for pensioners offers great loan amounts along with comfortable and flexible repayment options.

Why choose Mashreq Bank personal loans ?

Choose a personal finance scheme from Mashreq Bank if you want a hassle-free and safe banking experience. With expertise in several financial domains and a reputation to vouch for, Mashreq Bank is one of the most trusted banks in the UAE. The bank provides various financial solutions to suit the financial needs of a huge customer base. The bank also has a separate wing which takes care of Islamic financing needs.

Fees and Charges involved with Personal Loans from Mashreq Bank

The below table shows the schedule of fees and charges involved with Mashreq personal loans

Type of Charge

Amount

Interest rates

Linked to the Mashreq Prime Rates

Processing fee

The fee is 1% of the loan amount and has a minimum charge of AED 500 and a maximum charge of AED 2500

Charge for life insurance

1.25% of the loan amount

Fees for loan top up

1% of the top up amount and has a minimum charge of AED 500 and a maximum charge of AED 2500

Late payment fee

2% of the delayed amount per instance of delayed payment and has a minimum charge of AED 50 and a maximum charge of AED 200

Fees for Postponement

The fee is AED 100 per instance of postponement

Fee for early settlement through other banks

The fee is 1% of remaining balance or AED 10,000 whichever is lower

Fee for early settlement through own sources

The fee is 1% of remaining balance or AED 10,000 whichever is lower

Fee for early settlement for repeat loans

The fee is 1% of remaining balance or AED 10,000 whichever is lower

Fees for Liability letters addressed to other banks

The fee is AED 100

Fees for cancellation of the loan

The fee is AED 100

Fees for rescheduling of the loan

The fee is AED 250

Features of Mashreq Bank Personal Loan for Expats

Attractive interest rates are offered on this personal loan for expats

Quick and easy approval on loan applications

Personal loan for Expats can be topped up in case customer needs additional funds over and above the personal loan amount

An arrangement fee of 1% of the loan amount sought is charged by the bank

A pre-closure fee of 1% of the outstanding loan amount is charged in case a customer wishes to pay off the entire loan before the agreed initial loan tenure

Minimum documentation is required

Guarantors are not required for this loan

Customers do not need to submit any collaterals to avail this loan

Benefits of Mashreq Bank Personal Loan for Expats

Maximum Loan amount is AED 100,000 and minimum is AED 15,000; loan amounts can be increased up to 20 times the salary

Flexible repayment period is offered. Ranges between 6-48 months

Credit card and overdraft facility can be availed along with this personal loan for expats

Mashreq Bank is a leading financial institution in the UAE with a growing presence in the Middle East region. The company was established in the year 1967. The bank has a growing network of branches and also the largest network of ATMs in the UAE.

Mashreq bank is known to be the highest performing bank in the region. The bank has services and products pertaining to a wide spectrum of financial offerings. Mashreq bank specializes in wealth management, retail banking, corporate banking, investment banking and other major banking domains.

The early settlement fee charged is either 1% of the remaining amount or AED10,000 whichever is lower.

News About Mashreq Bank Personal Loan

Digital Charity Account Launched in the UAE

AHSEN - the first Digital Charity Account is launched in the UAE by Mashreq Al Islami. The account is launched in partnership with Dar Al Ber, Beit Al Khair and Fujairah Welfare. The account is launched with the purpose of creating awareness and generate a new approach to charitable activities and donations. The account would help people keep a track of their donations and make them more traceable. The account holder would be able to see a list of charitable projects controlled by Beit Al Khair, Dar Al Ber and Fujairah Welfare. They would also see the amount required for complete these projects. People who have made contributions through this account would be able to track the development of a particular project where they have contributed. AHSEN allows people to contribute to any kind of charitable activities. Mashreq customer can contribute using Snapp, MashreqOnline or ATMs by Mashreq. The non- Mashreq customers can do so by opening an instant Islamic Account by visiting the website of Mashreq Bank.

07th June 2016

Mashreq Net Profits Stable at AED 2.4 Billion

Leading UAE financial firm Mashreq declared stable net profits of AED 2.4 billion for the fiscal year 2015. In December 2015, the earnings per share stood at AED 13.53.

The operating income of the company went up by 2.3 percent over the previous year to AED 6 billion. This was bolstered by the net interest income, which registered a 7.3 percent growth year-on-year.

Mashreq’s average loan volume jumped by 9 percent over the previous year. Customer Deposits rose by 7.5 percent in FY2015 to AED 73.6 billion, and Total Assets saw an 8.8 percent hike to AED 115.2 billion.

The company’s loan-to-deposit ratio was strong at 81.7 percent at the end of December 2015. The ratio of Non-Performing Loans to Gross Loans fell 2.8 percent at the end of December from 3.7 percent the previous year.

Mashreq CEO Abdul Aziz Al Ghurair said: “The Bank has maintained a steady performance in the difficult market conditions, proving once again that being prepared is half the battle won… this is remarkable when you consider how rapidly the market sentiments deteriorated, influenced by the tumbling price of oil.”

29th January 2016

Mashreq Al Islami Awarded Best Islamic Window 2015

Mashreq Al Islami, the Islamic banking division of UAE’s leading financial institution, was announced the winner of Best Islamic Window for the fifth consecutive year at the 10th Islamic Business & Finance Awards.

Established in 2005, the Islamic Business & Finance Awards aims to recognize the best performing institutions in a variety of regions where Islamic finance is either already developed or is rapidly expanding and was attended by close to 200 Islamic bankers and financiers from around the world.

CEO of Mashreq Al Islami, Tooran Asif, stated that the award was a reflection of their focus and commitment towards contributing to the Islamic Business of the bank and growing it as well as accommodating the needs of their customers. Mashreq Al Islami continues to expand its Shariaâ Compliant product offerings with a host of new products launched for both retail and corporate clients.

23rd December 2015

Mashreq Bank holds a raffle draw for its business customers

Mashreq bank held a raffle draw for its business loan campaign. The campaign was launched to appreciate the business partnership with its customers. The three winners were handed Toyota Corolla cars as prizes. Only customers who applied for the small business loan or self-employed loan during the promotion period. The first winner to win the Toyota Corolla was Mr. Alukkal Mohammed Basheer. The winner is selected from the customers who have booked loans during each month. The last draw for the campaign will be in the month of September for customers who booked their loans during the month of August 2015.